Looks like a head & shoulders pattern forming on a trend line supporting the possible reversal.
Waiting for confirmation of H/S pattern with a strong bullish momentum break above the resistance area seen in the red box (1.2735 - 1.2768)
However, if price action were to break below the ascending trend line area seen within the green lines we could see a major...
waiting for a retest of resistant to go short and RSI in over sold territory. Although any sign of bearish momentum and I'm going short.
Also DXY failed to break important 90.00 level this implies dollar weakness.
Let profit run!
Imminent pennant formation break out coming back on trend line support. Get on it!
If break out goes long you can see my SL/TP on the chart, SL on previous low and TP target on the high of the pennant. But could go either way. I am going to wait to see how it plays out before making a decision.
Good luck if you take the trade
First published idea here guys so any feed back or additional analysis on this trade is very welcome!
USD/JPY has been ranging in the 144.535 to 107.362 boundaries. It has now come to the bottom of this range with the stochastic's in the over sold area with near enough three support hits previously, this is a strong support. Retail trader data shows 76.5% of...